It’s a big day for Ecos (India) Mobility & Hospitality Ltd! The company, known for its chauffeur-driven car services, has just secured a whopping Rs 180.36 crore from anchor investors. This comes just a day before they open their initial share sale for public subscription.
Who are the Anchor Investors of Ecos India Mobility?
According to the company’s announcement, a variety of well-known mutual funds and financial entities have jumped on board. These include:
- WhiteOak Capital Mutual Fund (MF)
- ICICI Prudential MF
- Aditya Birla Sun Life MF
- Nippon India MF
- Troo Capital
- Acacia Banyan Partners
- Invesco India MF
- Motilal Oswal MF
- Bandhan MF
- Edelweiss MF
- Tata MF
Additionally, Franklin Templeton India MF, OptiMix Global Emerging Markets Share Trust, and Nomura India also took part in the anchor round.
Details of the Investment of Ecos India Mobility
The company has allocated a total of 54 lakh shares to 19 entities at Rs 334 each. This brings the total transaction value to Rs 180.36 crore.
What’s Next? The IPO of Ecos India Mobility
Ecos (India) Mobility & Hospitality’s big public offering, valued at Rs 601 crore, is set to open on Wednesday and will run until Friday. The price range has been set between Rs 318 and Rs 334 per share.
No Fresh Issue Component
It’s essential to note that this public offering is entirely an Offer for Sale (OFS). This means that the company’s promoters, Rajesh Loomba and Aditya Loomba, are selling 1.8 crore equity shares worth Rs 601 crore. The company itself will not receive any of the proceeds from this sale.
Who Can Invest in Ecos India Mobility IPO?
– Qualified institutional investors have half of the issue size reserved for them.
– Retail investors will have 35% of the shares.
– The remaining 15% is reserved for non-institutional investors.
Investors can bid starting with a minimum of 44 equity shares, and then in multiples of 44 shares thereafter.
A Look at Ecos (India) Mobility & Hospitality
For over 25 years, Ecos (India) Mobility & Hospitality has been a staple in chauffeured car rentals and employee transportation services for corporate clients. The company boasts a diverse fleet of over 9,000 vehicles, ranging from economy to luxury cars. They also offer unique vehicles like luggage vans, limousines, vintage cars, and vehicles designed for accessible transportation for people with disabilities.
Market Growth Projections
The global corporate mobility market, which covers sectors like chauffeured car rentals and employee transportation services, is expected to experience a Compound Annual Growth Rate (CAGR) of 9.6% from 2023 to 2030. Notably, India is set to lead this growth with an even higher projected CAGR of 10.7%, according to a report cited in the company’s draft paper.
Who’s Managing the Issue?
Equirus Capital and IIFL Securities are the lead managers for this public issue. Once the shares are sold, they will be listed on both the BSE and NSE.
In summary, Ecos (India) Mobility & Hospitality Ltd is making significant strides with this major financial move. Stay tuned, as this could be a game-changer in the corporate mobility market in India!
